Gujarat Gas

Sales volume has shown a robust recovery post lockdown

Aug 05, 2020 08:08 IST capital market

Gujarat Gas reported 59% decrease in net sales to Rs 1082.92 crore for the quarter ended June20 compared to corresponding previous year period and net profit of Rs 59.07 crore down 75%. Transmission volume during the quarter was 377 mmscm- Industrial 260 mmscm, CNG 62 mscm, Domestic 52 mscm and Commercial 3 mscm. 

The companys gas sales volume has shown a robust recovery post lockdown. In industrial segment, the gas sales volume has fully recovered. The company is currently flowing total volume close to 9.5 mmscmd as against FY20 average sales of 9.44 mmscmd 

During the quarter, company commercialized 13 new CNG stations. 

Operating margins of the company fell 60 bps to 17.2%. Operating profits as a result fell 60% to Rs 185.74 crore. Interest cost was down 21% to Rs 40.1 crore while depreciation rose 6% to Rs 82.25 crore resulting 78% decrease in PBT to Rs 78.31 crore.  

Tax provisions fell 84% to Rs 19.63 crore leading a 75% fall in PAT to Rs 58.68 crore. Considering minority interest PAT was down 75% to Rs 59.07 crore. 

For year ended Mar20 consolidated net sales rose 33% to Rs 10300.34 crore. Operating margins improved 320 bps 15.9% leading a 66% growth in operating profits to Rs 1634.27 crore. Other income fell 25% to Rs 83.89 crore. Interest cost fell 2% to Rs 192.17 crore while depreciation rose 10% to Rs 317.98 crore resulting 97% increase in PBT before EO to Rs 1208.01 crore.  

The company had nil EO items during the quarter compared to EO expense of Rs 17.87 crore in FY19. Exceptional item pertains to balance provision of stamp duty as per the order of the Chief Controlling Revenue Authority (CCRA) for stamp duty levied of Rs. 42.87 crore with regards to the appeal filed against the order of Collector & Additional Superintendent of Stamps for adjudication of stamp duty pursuant to Composite Scheme of Amalgamation and Arrangement approved by Honble Gujarat High Court. The company had already provided Rs. 25 crore for the same in the financial year 2015-16. 

Tax provision was Rs 9.16 crore compared to tax expense of Rs 177.17 crore. PAT was up 188% to Rs 1198.85 crore. Considering minority interest PAT was up 186% to Rs 1198.82 crore. 

Transmission volume during FY20 was 3454 mmscm- Industrial 2662 mmscm, CNG 543 mscm, Domestic 208 mscm and Commercial 41 mscm. 

Currently the shares of Gujarat Gas are quoting at around Rs 308 at BSE.

Gujarat Gas: Consolidated Results

 

Particulars 2006 (3) 1906 (3) Var. (%) 2003 (12) 1903 (12) Var. (%)
Sales 1082.92 2614.61 -59 10300.34 7754.41 33
OPM (%) 17.2 17.8 15.9 12.7
OP 185.74 466.49 -60 1634.27 984.64 66
Other income 14.92 22.55 -34 83.89 111.56 -25
PBIDT 200.66 489.04 -59 1718.16 1096.20 57
Interest 40.10 50.95 -21 192.17 196.19 -2
PBDT 160.56 438.09 -63 1525.99 900.01 70
Depreciation 82.25 77.85 6 317.98 288.01 10
PBT before EO 78.31 360.24 -78 1208.01 612.00 97
EO 0.00 0.00 0.00 17.87
PBT after EO 78.31 360.24 -78 1208.01 594.13
Tax expense 19.63 126.56 -84 9.16 177.17 -95
PAT 58.68 233.68 -75 1198.85 416.96 188
MI -0.39 -0.36 8 0.03 -1.49 -102
PAT after MI 59.07 234.04 -75 1198.82 418.45 186
EPS (Rs)* # # 17.4 6.3
* Annualised on current equity of Rs 137.68 crore. Face Value: Rs 2
# EPS not calculated due to seasonality of business
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS excludes EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database

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